Homeowners in trouble with making mortgage payments should beware of scam artists riding the wave of increasing foreclosures. While there are legitimate companies that can help, there are also individuals out to make money off of innocent victims who fall prey to empty promises of foreclosure rescue scammers. This disturbing trend is likely to increase and homeowners should learn about foreclosure options from reliable sources.
Individuals who find themselves behind on monthly mortgage payments should always contact their lender at the first sign of trouble. A majority of loan servicers have loss mitigation departments that work exclusively with homeowners to help avoid foreclouse if at all possible. Unfortunately, many homeowners fail to take this obvious route and by doing so leave lenders with no choice but to foreclose on delinquent accounts.
The scammers find out about delinquent accounts through public records and promise to help for an upfront fee. Homeowners can avoid these so call rescue services by making calls directly to the lender themselves. They can’t do more for you than you can do for yourself.
Many servicers contract with third party home retention consultants to make contact with homeowners who are behind on payments. This service is free to the homeowner. Contact me for more information. Copyright©2008 Sandra Bundy, Broker-in-Charge, B&P, Inc. This work may not be copied or reproduced in any manner without the express written consent of the Author.
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